62.1-241.2 - Creation and management of Fund. - Virginia Statutes

§ 62.1-241.2. Creation and management of Fund.

There shall be set apart as a permanent and perpetual fund, to be known asthe "Virginia Solid Waste or Recycling Revolving Fund," sums appropriatedto the Fund by the General Assembly, all receipts by the Fund from loans madeby it to local governments, all income from the investment of moneys held inthe Fund, and any other sums designated for deposit to the Fund from anysource public or private. The Fund shall be administered and managed by theAuthority as prescribed in this chapter, subject to the right of the Board,following consultation with the Authority, to direct the distribution ofloans or grants from the Fund to particular local governments and toestablish the interest rates and repayment terms of such loans as provided inthis chapter. In order to carry out the administration and management of theFund, the Authority is granted the power to employ officers, employees,agents, advisers and consultants, including, without limitation, attorneys,financial advisers, engineers and other technical advisers and publicaccountants and, the provisions of any other law to the contrarynotwithstanding, to determine their duties and compensation without theapproval of any other agency or instrumentality. The Authority may disbursefrom the Fund its reasonable costs and expenses incurred in theadministration and management of the Fund and a reasonable fee to be approvedby the Board for its management services.

(1992, c. 378.)